Mar 03, 2023
Bitcoin Plunges $1200 in 30 Minutes, Wiping Out $22 Billion
Cryptocurrency markets have been rocked by a sudden and significant price drop, with Bitcoin (BTC) falling more than 5% in just over 60 minutes. This has caused a $22 billion drop in total market capitalization, now at $430.9 billion, according to Cointelegraph Markets Pro. Other non-Bitcoin cryptocurrencies have also been affected by the price drop, with ETH, XRP, Cardano (ADA) and Polygon (MATIC) all suffering a sharp decline.
Markus Thielen, the head of research at digital asset platform Matrixport, has linked the price drop to the recent Silvergate Bank controversy and an increased effort by United States regulators attempting to restrict ties between banks and crypto firms. He said:
“The drop is due to the continuous fallout from Silvergate bank as there is now more uncertainty about fiat on-and-off ramp. In addition, there are now wider industry concerns that US regulators are trying to cut off further banking relationships between crypto firms and FDIC insured banks. Nevertheless, this is playing into the hands of Hong Kong and China that are becoming more crypto friendly. We have seen an increase in stablecoin activity as a sign that crypto firms are using crypto rails to move money around.”
Several technical analysts on Twitter claimed to have predicted the fall from the $23,000 resistance. The last time BTC was priced at $22,250 was Feb. 15. Despite the sudden price drop, BTC is still up 34.8% since it was priced at $16,550 on Jan. 1. Ether (ETH) has also fallen 4.74% from $1644 to $1566, causing a $9 billion wipe out from its market cap over the first hour.
The price drop has thrown a spanner in the works for many in the web3 space who are looking to capitalize on the rise in NFTs. NFTs are non-fungible tokens that are used to represent digital assets, from artwork to collectibles, and are stored on a blockchain. They have become increasingly popular in recent months, with some NFTs selling for millions of dollars.
However, with the current market conditions, it’s becoming increasingly difficult for NFT creators to make money. To make matters worse, marketing NFTs is also becoming more difficult. Traditional marketing tactics like Twitter and Instagram are becoming less effective as more and more people are vying for attention in the space.
This is where NFT marketing agencies and web3 agencies come into play. These specialized agencies are experienced in promoting NFTs and have the necessary tools and knowledge to help NFT creators get the most out of their creations. They can help with everything from creating effective campaigns to selling NFTs on the open market.
In addition to helping with promotion, NFT marketing agencies and web3 agencies can also help NFT creators with the technical aspects of creating and selling NFTs. They can provide advice on the best platforms to use, the most effective ways to mint and distribute NFTs, and how to maximize profits from sales.
Although the current market conditions are making it difficult to make money from NFTs, there are still ways to make a profit. With the help of experienced NFT marketing agencies and web3 agencies, NFT creators can still make money from their creations.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
